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4 <br /> I <br /> Exhibit "C" <br /> Specific Terms and Conditions <br /> 1. This grant shall be considered a loan with principal and interest due as per deed of trust from <br /> the date of closing. All payment will be deferred as long as the property is used as a facility for <br /> low and moderate-income people as per this contract. Should this property use change, or the <br /> terms of this contract not be upheld the.City of Everett may, at its option, require immediate <br /> payment in full of all sums lent plus interest. At the end of terms of the deed of trust the loan <br /> will be forgiven 100% principal and interest. <br /> 2. Interest rate shall be 3% simple interest. <br /> 3. All applicable permits: land use and building permits will be acquired by the Boys and Girls <br /> Club from the City of Everett. <br /> 4. The property shall be maintained at all times and not let to rundown. The city of Everett <br /> Planning and Community Development staff will be responsible for conducting this review. <br />